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The calculation for Vehicle loan interest deduction is wrong. Has anyone solved?
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Why do you think it is wrong? The deduction is subject to a Modified Adjusted Gross Income (MAGI) phaseout. It begins phasing out for taxpayers with MAGI over $100,000 (single filers) or $200,000 (married couples filing jointly) and is completely phased out at $150,000 and $250,000 respectively. You can look at Schedule 1-A Part IV to see if your deduction was limited. What is the vehicle loan interest deduction?
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